Nomura lowers LAOPU GOLD's target price to 1,114 yuan, with valuation affected by gold price fluctuations

AASTOCKS
2026.03.25 06:18

Nomura published a research report stating that LAOPU GOLD (06181.HK) performed significantly better than market expectations in both last year's results and the preliminary operating data for the first quarter of this year. The firm remains confident in the company's growth trajectory for 2026, expecting that the launch of new products, upgrades of domestic stores, and expansion of high-end customer (VIC) business will be the main growth drivers.

The firm raised its revenue and profit forecasts for 2026 and 2027 by 12% to 14% and 23% to 24%, respectively, to reflect the growth outlook. However, it also lowered the target price-to-earnings ratio from 30 times to 22.5 times to account for the increased uncertainty regarding sales due to fluctuations in gold prices. The "Buy" rating is maintained, with the target price adjusted from 1,171 yuan to 1,114 yuan

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